Tesla Aims For Affordability With ‘Model E’

Guests look over the prototype Tesla Roadster at a media event touting green transportation before the 79th Annual Academy Awards in Hollywood, California February 21, 2007. Already 330 celebrities, including George Clooney, have signed up to buy the electric car that goes from 0 to 60 mph (0 to 100 kph) in four seconds -- "faster than most Porsches," according to Tesla Motors vice president Darryl Siry. REUTERS/Gus Ruelas (UNITED STATES) - RTR1MOFY

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Tesla Motors is the unquestioned leader in the electric vehicle market, but at more than $70,000 for its baseline Model S, the next generation of automobiles is still largely out of reach for most — but not for long.

Porritt declined to reveal additional new details about the Model E, which will reportedly be 20 percent smaller than the Model S and use cheaper construction materials like steel instead of aluminum.

“I expect there will be very little carry-over,” Porritt said.

Tesla recently announced projected shipping dates for its third production line, the SUV-style “Model X,” which will launch in the second quarter of 2015, with the Model E compact not following until at least one year later.